Tag Archives: matt steffen

Dwell Apartments

Dwell Apartment Homes sell for over $14M

Cushman & Wakefield of Arizona, Inc. completed the $14.275 million sale of Dwell Apartment Homes, 1923 N. 70th St.

The complex was constructed as two separate projects 1963 and 1975. They were later unified as one apartment complex. The recently renovated Dwell Apartment Homes development contains 193 modernized apartment units totaling 22,455 square feet ($116.35 PSF). The property, which includes 32 buildings, is 93 percent occupied.

3rd Ave. Investments of Phoenix purchased the property from FPA Multifamily, LLC, of San Francisco. The buyer acquired the property with an $11.48 million loan provided by Brandon Harrington and Matt Steffen of Walker & Dunlop in Phoenix.

“This community offers a modest interior rehab opportunity in an up-and-coming transitional neighborhood in South Scottsdale that synergizes with SkySong and the renaissance of the McDowell Road Corridor,” said Jim Crews, Senior Director with Cushman & Wakefield.

According to Cushman & Wakefield’s mid-year market overview, Metro Phoenix continues to experience job growth, adding 55,200 jobs in the past 12 months. Unemployment in the area declined to 4.6 percent, which is 90 basis points below the national average. Scottsdale, where Dwell Apartment Homes is located, has been a significant area of demand for office users.

Crews and Brett Polachek with Cushman & Wakefield’s Southwest Multifamily Advisory Group successfully marketed the property for sale and negotiated the transaction. No additional brokers were involved with the sale.

Brookwood Apartment Homes in Tucson, Ariz.

Walker & Dunlop finances $107M in Arizona properties

Walker & Dunlop, Inc. announced that it recently provided $107,130,323 for multifamily properties in Arizona.

Brandon Harrington and Matt Steffen led the team that structured the $5.1M loan for Casa Maribela, a 191-unit fractured condominium building in Phoenix. The W&D team structured and closed the 5-year non-recourse CMBS loan 30 days after receiving the signed application from the borrower. The team also recently closed a 30-year fixed-rate fully amortizing Fannie Mae loan for The Meadows, a 165-unit multifamily property in Phoenix.

Harrington, Steffen and Jeff Burns led the team that provided the $8.256M Fannie Mae acquisition loan for Brookwood Apartment Homes, located in Tucson. Although Tucson is a Fannie Mae pre-review market, limiting loan to cost and DSCR, Walker & Dunlop was able to structure the loan at 72.25 percent loan to cost with one-year interest.

Will Baker and his team recently structured $34.954M through Freddie Mac’s Targeted Affordable Housing CME Program for 11 properties (1,211 units) located in Chandler, Phoenix, Surprise, Mesa and Prescott. The complex transactions required numerous approvals from separate municipalities for first-time GSE borrower, Atlantic Development. Walker & Dunlop structured the loans, originated by Capital Advisors Executive Vice President Shippen Browne, with 10-year terms for the properties, all originally built with Low Income Housing Tax Credits with varying levels of rent and income restrictions.